CID: Long-Term Care Rate Filing - Lincoln Benefit Life Company (Individual)

Long-Term Care Rate Filing - Lincoln Benefit Life Company (Individual)

Rate request: 35 percent

Decision: Disapproved on October 23, 2017

On August 9, 2017, Lincoln Benefit Life Company requested a 35 percent increase on a small block of business of individual long-term policies sold from 2003 to 2005, which are no longer being marketed.

There are approximately 32 policies in force in Connecticut.

The company said in its filing that the increase is needed because of higher anticipated claims cost due to more policies in effect than expected, people are living longer and benefits will be paid over a longer period of time.

Unlike medical health insurance with premiums set to cover expenses incurred only during the upcoming policy year, long term care premiums are set to cover expenses that are not expected to occur until a distant date, sometimes 20 years in the future.

The company said its policyholders will have options to change or reduce benefits in order to mitigate the impact of an increase.

After an actuarial review, the Department disapproved the rate increase request on October 23, 2017. The Department noted that the company has not claims cost on this block of business in Connecticut and that its nationwide block of business on this product is performing better than expected.


Find the filing documents here at Long-Term Care Insurance Rate Filing

Content Last Modified on 10/23/2017 5:36:10 PM